As fireworks light up the Fourth of July sky, Bitcoin enthusiasts nationwide are celebrating more than just Independence Day. With fervor, they herald what they perceive as a new era of financial liberty and sovereignty, taking inspiration from historical figures like Benjamin Franklin and Thomas Jefferson. As a backdrop to this unique celebration, Bitcoin prices over the past decade serve as a testament to this digital currency’s explosive growth and its transformation into a global phenomenon.
In celebrating this day, Bitcoiners are harking back to Benjamin Franklin’s critique of King George’s financial policies. Franklin once stated,
“The refusal of King George to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the revolution.”
Benjamin Franklin
He made these comments during his examination by the British Parliament. He attributed the Parliament’s loss of respect among the Colonists to numerous factors, including restraints on trade, prohibiting the production of paper money locally, and the imposition of new taxes.
Similarly, Bitcoin enthusiasts quote Thomas Jefferson’s warnings about the potential dangers of private banks controlling the nation’s currency. Jefferson, a vehement advocate of financial independence, said,
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson
These historical perspectives resonate strongly within the Bitcoin community, which views Bitcoin as a “secure, private, fair, scarce, fast, and free asset.” In their view, Bitcoin offers a counter-narrative to traditional banking systems, echoing the sentiments of Franklin and Jefferson about the importance of financial autonomy and an “honest money system.”
The trajectory of Bitcoin’s value over the years adds another dimension to this Fourth of July celebration. On Independence Day in 2009, Bitcoin was valued at $0. By 2010, it had risen to just $0.01. Over the next decade, its value soared, reaching $31,051 in 2023. While the prices have fluctuated—often dramatically—Bitcoiners see the overall trend as a testament to the currency’s enduring value and potential.
In essence, for Bitcoin enthusiasts, the Fourth of July isn’t merely a celebration of historical independence but also a reflection on a new kind of freedom. In their view, Bitcoin embodies the principles of financial sovereignty that America’s founding fathers fought for, aligning the digital currency with the spirit of the holiday. Through this lens, Independence Day becomes not only a commemoration of America’s past but also a celebration of a future defined by digital currencies and decentralized finance.
